UBS reported a better-than-expected net profit of $1.7 billion for the first quarter of 2025, driven by stronger earnings in trading amidst market turbulence. The underlying return on CET1 capital stood at 11.3%, reflecting positive operating leverage in its core businesses.
Group revenues were broadly flat at $12 billion, but core franchises saw a notable 6% increase, while operating expenses remained stable at $9.2 billion due to successful non-production cost reductions. Global Wealth Management delivered a robust performance with pretax profit up 21% year-over-year to $1.5 billion, and net new assets of $32 billion, including $20 billion from the Americas.
The Investment Bank also had a strong quarter, with pretax profit surging 72% to $696 million and revenues increasing 24% to $3 billion. Global Markets achieved its best quarter on record, with Fixed Income, Currencies & Commodities revenues up 27% and Equities revenues reaching a new high.
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